Synovus Financial Corp. SNV reported third-quarter 2022 adjusted earnings per share of $1.34, beating the Zacks Consensus Estimate of $1.28. Moreover, the bottom line improved 11.7% from the prior-year quarter’s reported number.The results highlight a rise in net interest income (NII), net interest margin (NIM), total loans and a significant decline in non-performing loans and assets. However, escalating expenses and a fall in fee income and deposits were matters of concern. Likely in response to this, shares of the company lost 9.6% in yesterday’s trading session.The net income available to common shareholders came in at $194.8 million or $1.33 per share, up from $178.5 million or $1.21 per share recorded in the prior-year quarter.Revenues & Expenses RiseTotal revenues in the third quarter came in at $582.2 million, up 16.5% from the prior-year quarter. The top line, too, surpassed the Zacks Consensus Estimate of $568.1 million.NII improved 24.2% year over year to $477.9 million owing to strong loan growth and higher interest rates. NIM rose 48 basis points (bps) to 3.49%, attributable to higher interest rates and deposit pricing discipline.Non-interest revenues decreased 9.3% on a year-over-year basis to $104.3 million. The main reasons behind the fall were the continuation of a challenging residential mortgage banking environment and prior-year gains on equity investments, partially offset by an increase in wealth revenues, brokerage revenues and card fee income.Non-interest expenses were $294 million, up 10.1% year on year. This rise mainly resulted from an increase in performance-based incentives, merit-related salary increases and operating costs related to realized revenue growth and investments in new growth initiatives.Adjusted tangible efficiency ratio came in at 49.98% compared with the 52.96% reported in the year-earlier quarter. A decrease in this ratio indicates a rise in profitability.Total loans of $42.6 billion showed a 3.3% improvement sequentially. Total deposits were $47.7 billion, declining 2.7% from the previous quarter.Credit Quality ImprovesNon-performing loans fell 21.5% year over year to $122.1 million. Net charge-offs decreased a whopping 77.2% to $4.7 million. Net charge-offs ratio was 0.04% compared with the previous-year quarter’s 0.22%. Total non-performing assets amounted to $137.9 million, underlining a 20% year-over-year fall. Non-performing asset ratio came in at 0.32%, down 13 bps from the prior-year quarter.However, a provision for credit losses of $25.6 million was recorded in the third quarter against the reversal of credit losses of $7.9 million in the prior-year quarter.Capital Ratios Down & Profitability Ratios ImproveAs of Sep 30, 2022, Tier 1 capital ratio and total risk-based capital ratio were 10.58% and 12.44%, respectively, down from 10.79% and 12.92% in the year-ago quarter. Moreover, as of the same date, Common Equity Tier 1 capital ratio was 9.51%, declining from 9.58% witnessed in the year-ago quarter.Nonetheless, Tier 1 leverage ratio was 9.04%, improving from 8.78% recorded in the year-earlier period.Return on average assets was 1.39%, up from the prior-year quarter’s 1.34%. Return on average common equity was 18.66%, up from 14.96%.Our TakeSynovus reported better-than-anticipated third-quarter 2022 results, with NII rising on the back of strong loan growth and higher interest rates. With the gradual rising rates, the company’s NII and margins are likely to continue increasing in the upcoming period, which is encouraging. However, the increase in provision for credit losses was an undermining factor in the third quarter. Also, rising operating expenses on account of technological investments could impede bottom-line growth in the near term.Currently, Synovus carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Synovus Financial Corp. Price, Consensus and EPS Surprise Synovus Financial Corp. price-consensus-eps-surprise-chart | Synovus Financial Corp. QuotePerformance of Other BanksNorthern Trust Corporation’s NTRS third-quarter 2022 earnings per share of $1.80 missed the Zacks Consensus Estimate of $1.82. Nonetheless, the bottom line was flat year over year.Higher revenues, aided by a rise in net interest income NII, were driving factors for NTRS. However, a rising expense base and weak capital ratios were headwinds.Citizens Financial Group CFG reported third-quarter 2022 underlying earnings per share of $1.30, surpassing the Zacks Consensus Estimate of $1.20. Also, CFG’s bottom line rose from $1.22 in the year-ago quarter.Results reflect NII growth on the rise in loan balances. However, an escalation in expenses was a spoilsport for Citizens Financial’s third-quarter results. Free Report Reveals How You Could Profit from the Growing Electric Vehicle Industry Globally, electric car sales continue their remarkable growth even after breaking records in 2021. High gas prices have fueled his demand, but so has evolving EV comfort, features and technology. So, the fervor for EVs will be around long after gas prices normalize. Not only are manufacturers seeing record-high profits, but producers of EV-related technology are raking in the dough as well. Do you know how to cash in? 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